Brilliance China Automotive Holdings Limited Completes Share Placement; Proceeds Raised to Finance Upgrade of Production Facilities for Sedan Project.Business & Automotive Editors NEW YORK--(BUSINESS WIRE)--May 29, 2001 Brilliance China Automotive Holdings Limited (the "Company") (NYSE NYSE See: New York Stock Exchange :CBA See Capital Builder Account. ; SEHK SEHK See: Stock Exchange of Hong Kong :1114) announced today that it completed a placement of 318 million ordinary shares in the Company at a price of HK$2.2 (US$0.28), a 4.97% discount to the previous ten-day average. The placement was equivalent to 9.5% of the existing share capital of the Company (8.7% of the resulting enlarged capital size) and raised net proceeds of HK$670.0 million (US$85.9 million) for the Company. The Company intends to use 60% of the net proceeds of the placement to acquire pressing facilities as part of phase II of the improvement and expansion plan of its production facilities. The remaining 40% will be used as working capital for increasing minibus min·i·bus n. pl. min·i·bus·es or min·i·bus·ses A small bus typically used for short trips. minibus Noun a small bus Noun 1. production volume and the anticipated launch of new products by the Company. The placement, which was made to international institutional investors outside of the United States, was solely lead managed by bookrunner CLSA CLSA Canon Law Society of America CLSA California Land Surveyors Association CLSA Contact Lens Society of America CLSA Credit Lyonnaise Securities CLSA Canadian Laboratory Suppliers Association CLSA Cornell Law Student Association Limited and the book build portion was ten times oversubscribed Refers to connecting more users to a system than can be fully supported if all of them were using it at the same time. Networks and servers are almost always designed with some amount of oversubscription, counting on the fact that everybody does not need the service simultaneously. . Mr. Yang Rong, Chairman and President of the Company, said, "We are delighted by the strong response from international investors. We take it as a vote of confidence in our business plan, and the monies raised will enable us to move more quickly into the Chinese sedan market." The Company, incorporated in Bermuda, was established in 1992 to own a 51% interest in Shenyang Automotive, a Sino-foreign joint venture enterprise established in 1991. Shenyang Automotive, located in Shenyang, the capital of Liaoning Province and the commercial centre of northeastern region of China, is the leading manufacturer and distributor of minibuses in China. The Company was the first with operations solely in China to list directly on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . Translation of amounts, for the convenience of the reader, from Hong Kong dollars (HK$) to U.S. dollars (US$) has been made at the rate of US$1.00 = HK$7.80. No representation is made that the Hong Kong dollar amounts could have been, or can be converted into U.S. dollars at that rate or at any other rate. |
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